Untitled - Swissco Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2005
19. Property, Plant and Equipment (continued)
Motor vehicles costing $653,889 (2004: $458,893) are registered in the name of employees who
hold them in trust for the Group. Leasehold buildings and a vessel with a total carrying amount of
$3,516,747 are mortgaged to secure bank loans (note 21).
Additions for the year include motor vehicles of $295,000 (2004: $523,153) financed under finance
leases. The carrying amounts of motor vehicles and plant and equipment held under finance
leases at 31 December 2005 amounted to $732,616 and NIL respectively (2004: $767,011 and
$36,600 respectively).
20. Trade and Other Payables
The Group
The Company
2005 2004 2005 2004
$ $ $ $
Trade payables
– third parties 1,771,812 988,466 – –
– associated companies 18,580 37,689 – –
1,790,392 1,026,155 – –
Other payables
– payable for purchase of property,
plant and equipment 3,266,775 1,123,811 – –
– due to executive directors
(non-trade) – 109,545 – –
– due to a related party (non-trade) 28,162 28,162 – –
– others 34,638 20,074 34,638 –
3,329,575 1,281,592 34,638 –
Accrued operating expenses 2,485,356 522,823 1,662,673 151,511
Advance billings 335,600 – – –
Deposits received 16,767 321,250 – –
7,957,690 3,151,820 1,697,311 151,511
The carrying amounts of trade and other payables approximate their fair value. The non-trade
amounts due to a related party and executive directors are unsecured, interest-free and repayable
on demand. The related party is a company in which certain directors have financial interest in.
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